Do you ever wonder where Coosa Valley Credit Union came from or what its early days were like? Knowing the history of our credit union can help you better understand why we offer the services we do today, and what makes us different from other financial institutions. Let's step back in time and learn more about the story of Coosa Valley.
Question: When did Coosa Valley Credit Union start?|
Coosa Valley: Coosa Valley got its start in April 1954. It was born out of a real sense of community. A group of nine men, all employees of General Electric, in Rome, Georgia, decided that they would work together to help each other, should one of them fall on hard times or have financial difficulty. The men each contributed $5 to a cigar box. The $45 in the box helped them weather various storms in their lives.
Question: What happened next?
Coosa Valley: Shortly after those first nine men pooled their money together, the National Credit Union Administration issued the credit union, then called General Electric Employees of Rome Federal Credit Union, a charter. Over the next few decades, we grew by leaps and bounds. By 1978, the 100th anniversary of General Electric, the Rome News reported that the credit union had assets totaling more than $7 million.
A number of changes to federal law contributed to our growth in the 1970s. In 1970, the NCUA formed the National Credit Union Share Insurance Fund, which at the time protected up to $20,000 per depositor. Throughout the decade, the number of products and services credit unions could offer grew as well. Credit unions were now able to offer mortgages and certificates of deposit. As a result, MyCreditUnion.gov reports that the amount of assets held by credit unions tripled in the 1970s.
Question: How did Coosa Valley Credit Union expand in its early years?
Coosa Valley: Throughout the 1980s and 1990s, the General Electric Federal Credit Union, as it was still known, took on new members in a variety of ways. The credit union occasionally merged with other credit unions. For example, it merged with the Inland Employees Federal Credit Union in 1985. A year before that, the credit union opened its membership to people who worked at a few other companies in the area. It also began opening new branches and offices. In 1995, it opened branches in East Rome and Cartersville.
Question: Why did the credit union change its name?
Coosa Valley: In 2002, the credit union changed its name to Coosa Valley Federal Credit Union to better reflect the member base it was serving. Shortly before the name change, the credit union changed its charter to a community charter. Under a community charter, membership is not limited to people who worked at certain companies, such as GE. Instead, people could join the credit union based on where they lived, went to school, worked or went to church. People who have any connection to the 10 counties in the Coosa Valley area are now welcome to become members of our credit union.
Question: How have the services offered by Coosa Valley changed over time?
Coosa Valley: As laws, regulations and technology have changed, so have the services Coosa Valley offers. The Dodd-Frank Act, passed in 2010, permanently fixed the maximum insured deposit amount at $250,000 in credit union accounts. Since the 1970s and 1980s, the services Coosa can offer to people have expanded as well.
Along with a variety of loans and checking and savings accounts, members can also apply for credit cards, make use of online and mobile banking, and use ATMs at various locations. We've also expanded our offerings and now provide business accounts, lines of credits, and loans to companies in the Coosa Valley. To learn more about what we currently offer, contact us today.